Question

$2750 is invested at an interest rate of 3.5% APR compounded quarterly. Determine the amount after 7 years. Round your answer to the nearest hundredth.

Answer 1

Answer: $3509.72

Work Shown:

A = P*(1+r/n)^(n*t)

A = 2750*(1+0.035/4)^(4*7)

A = 2750*(1+0.00875)^(28)

A = 2750*(1.00875)^(28)

A = 2750*1.27626052446017

A = 3509.71644226547

A = 3509.72